RAPT Therapeutics Reports Third Quarter 2019 Financial Results and Recent Highlights
December 11 2019 - 8:00AM
RAPT Therapeutics, Inc. (Nasdaq: RAPT), a clinical-stage,
immunology-based biopharmaceutical company focused on
discovering, developing and commercializing oral small molecule
therapies for patients with significant unmet needs in oncology and
inflammatory diseases, today reported financial results for the
third quarter ended September 30, 2019 and provided an update on
recent operational and business progress.
“We are pleased to report significant progress as a public
company following our initial public offering,” said Brian Wong,
M.D., Ph.D., President and CEO of RAPT Therapeutics. “This includes
clinical and operational advancement of our two lead compounds,
FLX475 for oncology and RPT193 for allergic inflammatory disease.
We recently announced a collaboration with Hanmi for FLX475 in
Asia, a region with a high prevalence of ‘charged’ tumors. As we
look toward 2020, we expect to report clinical proof of concept
data for each program as we reach milestone events in our ongoing
clinical trials.”
Recent Highlights
- Signed a license and collaboration agreement with Hanmi
Pharmaceutical Co., LTD for the development and commercialization
of FLX475 in Korea and China, including Taiwan and Hong Kong. RAPT
will receive $10 million in an upfront payment and near-term
milestone payment, and will receive up to $48 million in
success-based development milestones and up to $60 million in
potential sales milestones, as well as double-digit royalties on
any future sales of FLX475 in the specified territories. In
addition to leveraging its clinical trial infrastructure in Korea
and China to augment RAPT’s ongoing Phase 1/2 clinical study of
FLX475, Hanmi will conduct a Phase 2 clinical trial in Korea and
China to evaluate FLX475 in patients with gastric cancer.
- Continued enrolling patients with “charged” tumors in a Phase
1/2 study of FLX475 as a monotherapy and in combination with
pembrolizumab.
- Initiated a first-in-human Phase 1 study of RPT193, a CCR4
antagonist to treat allergic inflammatory diseases, including
atopic dermatitis.
- Completed its initial public offering (IPO), raising
$33.8 million in net proceeds, which includes the
underwriters’ exercise of their overallotment option to purchase
additional shares at the IPO price. The Company’s stock commenced
trading on the Nasdaq Global Select Market under the ticker symbol
“RAPT.”
- Appointed Rodney Young as Chief Financial Officer.
- Appointed Wendye Robbins, M.D., President and CEO of Blade
Therapeutics, and Mary Ann Gray, Ph.D., President of Gray Strategic
Advisors, LLC, to the Board of Directors.
Financial Results for the Third Quarter and Nine Months
Ended September 30, 2019
Third Quarter ended September 30, 2019Net loss for the third
quarter of 2019 was $10.0 million, compared to $10.3 million for
the third quarter of 2018.
Research and development expenses for the third quarter of 2019
were $8.6 million, compared to $9.2 million for the same period in
2018. The decrease was primarily due to decreases in costs relating
to the clinical development of FLX475, outsourced research and
development, and lab supplies, offset by increases in costs
relating to the clinical development of RPT193 and personnel.
General and administrative expenses for the third quarter of
2019 were $1.7 million, compared to $1.4 million for the same
period in 2018.
Nine Months Ended September 30, 2019Net loss for the nine months
ended September 30, 2019 was $29.8 million, compared to $26.7
million for the same period in 2018.
Research and development expenses for the nine months ended
September 30, 2019 were $24.7 million, compared to $23.4 million
for the same period in 2018. The increase was primarily due to
increases in costs relating to the clinical development of RPT193,
facilities and personnel, offset by decreases in costs relating to
the clinical development of FLX475, lab supplies and outsourced
research and development.
General and administrative expenses for the nine months ended
September 30, 2019 were $6.1 million, compared to $3.9 million for
the same period in 2018. The increase was primarily due to
increases in professional service fees related to the Company’s
preparation of its initial public offering.
As of September 30, 2019, the Company had cash and cash
equivalents of $48.3 million. The Company completed its initial
public offering on November 4, 2019 and received net proceeds of
approximately $33.8 million, which includes the underwriters’
exercise of the overallotment option.
About RAPT Therapeutics, Inc.RAPT Therapeutics
(formerly FLX Bio) is a clinical stage, immunology-based
biopharmaceutical company focused on discovering, developing and
commercializing oral small molecule therapies for patients with
significant unmet needs in oncology and inflammatory diseases.
Utilizing its proprietary discovery and development engine, the
Company is developing highly selective small molecules designed to
modulate the critical immune responses underlying these diseases.
In its first four years since inception, RAPT has discovered and
advanced two unique drug candidates, each targeting C-C motif
chemokine receptor 4 (CCR4). RAPT’s lead oncology drug candidate,
FLX475, reached the clinic in just two and a half years and the
Company’s lead inflammation drug candidate, RPT193, is also in the
clinic. The Company is also pursuing a range of targets, including
general control nonderepressible 2 and hematopoietic progenitor
kinase 1, that are in the discovery stage of development.
Forward-Looking StatementsThis press release
contains forward-looking statements. These statements relate to
future events and involve known and unknown risks, uncertainties
and other factors that may cause our actual results, performance or
achievements to be materially different from any future
performances or achievements expressed or implied by the
forward-looking statements. Each of these statements is based only
on current information, assumptions and expectations that are
inherently subject to change and involve a number of risks and
uncertainties. Forward-looking statements include, but are not
limited to, statements about: the clinical development of FLX475
and RPT193, the anticipated timing of clinical data and RAPT’s
collaboration with Hanmi in regard to the Asian market. Detailed
information regarding factors that may cause actual results to
differ materially from the results expressed or implied by
statements in this press release may be found in RAPT’s final
prospectus filed with the Securities and Exchange Commission on
November 1, 2019 and subsequent filings made by RAPT with the
Securities and Exchange Commission. These forward-looking
statements speak only as of the date hereof. RAPT disclaims any
obligation to update these forward-looking statements.
RAPT Media Contact:Angela Bittingmedia@rapt.com(925)
202-6211
RAPT Investor Contact:Sylvia
Wheelerswheeler@wheelhouselsa.com
RAPT THERAPEUTICS, INC. |
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND
COMPREHENSIVE LOSS |
(In thousands, except share and per share
data) |
(Unaudited) |
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
|
|
September 30, |
|
|
September 30, |
|
|
|
2019 |
|
|
2018 |
|
|
2019 |
|
|
2018 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Research and development |
|
$ |
8,582 |
|
|
$ |
9,181 |
|
|
$ |
24,720 |
|
|
$ |
23,387 |
|
General and administrative |
|
1,733 |
|
|
1,364 |
|
|
6,094 |
|
|
3,889 |
|
Total operating expenses |
|
10,315 |
|
|
10,545 |
|
|
30,814 |
|
|
27,276 |
|
Loss from operations |
|
10,315 |
|
|
10,545 |
|
|
30,814 |
|
|
27,276 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income: |
|
|
|
|
|
|
|
|
|
|
|
|
Other income, net |
|
344 |
|
|
261 |
|
|
1,033 |
|
|
559 |
|
Net loss |
|
$ |
(9,971 |
) |
|
$ |
(10,284 |
) |
|
$ |
(29,781 |
) |
|
$ |
(26,717 |
) |
Other comprehensive
income/(loss) |
|
15 |
|
|
(4 |
) |
|
17 |
|
|
(4 |
) |
Total comprehensive loss |
|
$ |
(9,956 |
) |
|
$ |
(10,288 |
) |
|
$ |
(29,764 |
) |
|
$ |
(26,721 |
) |
Net loss per share, basic and diluted |
|
$ |
(12.41 |
) |
|
$ |
(15.90 |
) |
|
$ |
(40.15 |
) |
|
$ |
(45.11 |
) |
Weighted average number of shares used in computing net loss
per share, basic and diluted |
|
803,229 |
|
|
646,800 |
|
|
741,711 |
|
|
592,237 |
|
RAPT THERAPEUTICS, INC. |
CONDENSED CONSOLIDATED BALANCE SHEETS |
(In thousands) |
|
|
|
|
|
|
|
|
|
September 30, |
|
|
December 31, |
|
|
|
2019 |
|
|
2018 |
|
Assets |
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
48,310 |
|
|
$ |
63,798 |
|
Prepaid expenses and other current assets |
|
2,914 |
|
|
1,264 |
|
Total current assets |
|
51,224 |
|
|
65,062 |
|
Property and equipment, net |
|
4,002 |
|
|
4,159 |
|
Other assets |
|
3,143 |
|
|
389 |
|
Total assets |
|
$ |
58,369 |
|
|
$ |
69,610 |
|
Liabilities, Convertible
Preferred Stock and Stockholders' Deficit |
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
Accounts payable |
|
$ |
1,590 |
|
|
$ |
1,771 |
|
Accrued expenses |
|
3,410 |
|
|
2,488 |
|
Other current liabilities |
|
457 |
|
|
384 |
|
Total current liabilities |
|
5,457 |
|
|
4,643 |
|
Deferred rent, net of current
portion |
|
2,219 |
|
|
969 |
|
Commitments |
|
|
|
|
|
|
Convertible preferred stock |
|
175,490 |
|
|
161,111 |
|
Stockholders' equity
(deficit): |
|
|
|
|
|
|
Preferred stock |
|
- |
|
|
- |
|
Common stock |
|
1 |
|
|
1 |
|
Additional paid-in capital |
|
23,923 |
|
|
22,441 |
|
Related party promissory note for the purchase of common stock |
|
— |
|
|
(598 |
) |
Accumulated other comprehensive income/(loss) |
|
13 |
|
|
(4 |
) |
Accumulated deficit |
|
(148,734 |
) |
|
(118,953 |
) |
Total stockholders' (deficit)
equity |
|
(124,797 |
) |
|
(97,113 |
) |
Total liabilities, convertible
preferred stock and stockholders' (deficit) |
|
$ |
58,369 |
|
|
$ |
69,610 |
|
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